Richfield Multifamily Investment
7427 Penn Ave S Minneapolis, MN 55423
7427 Penn Ave S, Minneapolis, MN, 55423
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For Sale
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21-unit apartment building in desirable Richfield submarket.
Property Size10,649 SF
Price / SF$225.37
Days on Market55
Property Features for 7427 Penn Ave S
General Information
- Standard status
- Active
- Size
- 10,649 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1960
Listing Agency
Kiser Group
Listed by
Robert Dulin · License #MN40961803
Source
Crexi
Added: May 25 Checked: Jul 17 at 2:13 pm
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Kiser Group
Investment Insights
Based on property information with market context.
Located in the Southwest Richfield submarket, this 21-unit property offers access to I-494 and I-35W, and is situated minutes from the Mall of America and MSP Airport. The property is surrounded by retail, dining, and employment opportunities. The building, constructed in the 1960s, features primarily one-bedroom layouts of approximately 650 square feet. Rents are around $999 and up. The property presents a value-add opportunity through interior upgrades and operational improvements. Major capital improvements, including the roof, windows, and water heaters, have been completed. The property has potential for RUBS, on-site laundry income, and a low-rise design. The location provides access to shopping destinations, transportation options, and dining and entertainment venues. Residents can connect to Minneapolis, Edina, and Bloomington. The property is located in a tenant-demand-heavy corridor driven by jobs, retail, and transit.
Key Highlights
- Excellent location with immediate access to I‑494 and I‑35W, minutes from the Mall of America and MSP Airport.
- Value‑add opportunity with potential for interior upgrades and operational improvements.
- Major capital improvements completed: Roof, windows, and water heaters already replaced.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $233.9k | $21.96 |
| − Vacancy | −$12.2k | −$1.14 |
| EGI | $221.7k | $20.82 |
| − OpEx | −$99.8k | −$9.37 |
| NOI | $121.9k | $11.45 |
10,649 SF · lease $21.96/SF/yr · vacancy 5.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.74M
$1.52M – $2.03M
NOI $121,930 @ 7.0% cap · market cap 5.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.12M
$2.73M – $3.64M
NOI $218,634 @ 7.0% cap · market cap 9.11%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - 21-unit apartment building in desirable Richfield submarket.
Where is this apartment building located?
The property is located at 7427 Penn Ave S Minneapolis, MN.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: Excellent location with immediate access to I‑494 and I‑35W, minutes from the Mall of America and MSP Airport.; Value‑add opportunity with potential for interior upgrades and operational improvements.; Major capital improvements completed: **Roof, windows, and water heaters already replaced**.
